The Red Sox have officially signed third baseman Rafael Devers to a 10-year contract extension that goes into effect in 2024 and runs through the 2033 season, the club announced earlier Wednesday morning.
Devers agreed to a 10-year, $313.5 million extension (not an 11-year $331 million extension), with the Red Sox last week after already agreeing to terms on a $17.5 million salary for 2023 in order to avoid arbitration. The 26-year-old put pen to paper and was celebrated at a press conference Fenway Park on Wednesday.
According to The Boston Globe’s Alex Speier, Devers will receive a $20 million signing bonus and will then earn $27.5 million per year from 2024-2026. He will then earn $31 million per year from 2027-20230 and $29 million from 2031-2033.
As was previously reported, the deal does not contain a no-trade clause or any opt-outs. Devers will, however, obtain full no-trade rights when he reaches 10 years of major-league service time, which should happen at some point in 2027. MassLive.com’s Chris Cotillo adds that there are no performance bonuses or incentives within the contract.
Per the Associated Press, the Red Sox will pay Devers $75 million in deferred salaries after his contract expires. More specifically, Devers will receive $7.5 million in deferred money per year over a 10-year period beginning in 20234 and ending in 2043.
For competitive balance tax purposes, the average annual value of Devers’ contract comes out to just more than $29 million per season from 2024-2033. In 2023, Devers’ CBT hit is $17.5 million, which puts the Red Sox’ projected payroll for this coming season at close to $217 million. That means that Boston still has approximately $16 million in payroll flexibility to work with before reaching the first luxury tax threshold of $233 million and incurring penalties as a result.
Devers’ $313.5 million deal represents the largest and longest contract the Red Sox have given out in their history, surpassing the seven-year, $217 million pact David Price signed in December 2015 and the eight-year, $200 million pact Manny Ramirez inked in Dec. 2000. All told, Boston will be committing $331 million to Devers over the next 11 years, which will keep the two-time All-Star under club control through 2033, or in other words, through the end of his age-36 campaign.
“Nothing changes,” Devers said through interpreter Daveson Perez. “I just want to be the same guy that I’ve always been: Someone who has fun, someone who enjoys the game, who’s approachable. A lot of times my teammates ask me questions and I’m happy to answer, but I never want to feel like I’m above the team or something that’s larger than what I see that I am.”
(Picture of Rafael Devers: Billie Weiss/Boston Red Sox/Getty Images)